There are too many lending platforms at the moment, in my opinion.
Bitconnect is the grandaddy of them all, but it looks like the charade might be up. I hope not, as I don't want to see Regal go down with BCC. However, unlike Bitconnect, Regal does not have a working internal exchange right now, meaning the Regal team would be shooting itself in the foot if they were to cut and run. Bitconnect can pull its servers and still have made a lot of bitcoin, and the inevitable price collapse of Bitconnect would only hurt those who bought, lent, and hold/stake the Bitconnect coins they traded for their Bitcoins.
Regal can't do that, since in order to buy Regalcoin, you have to purchase it on Coin Exchange or YoBit. So if Regal went down, the team wouldn't benefit because they don't have an internal exchange where you can send your Bitcoin to the Regal team. If Regal cut and ran, all they would have would be Regalcoins (which would be worthless at that point).
Just remember this if Bitconnect goes down for good within the next month or two. I don't want Bitconnect to fail, I want it to succeed, but there's so much drama right now behind that coin. Regal has a different model and the things that are plaguing Bitconnect won't hurt Regal until Regal develops their internal exchange and swaps your bitcoin outright for Regalcoins.
Bitconnect is the grandaddy of them all, but it looks like the charade might be up. I hope not, as I don't want to see Regal go down with BCC. However, unlike Bitconnect, Regal does not have a working internal exchange right now, meaning the Regal team would be shooting itself in the foot if they were to cut and run. Bitconnect can pull its servers and still have made a lot of bitcoin, and the inevitable price collapse of Bitconnect would only hurt those who bought, lent, and hold/stake the Bitconnect coins they traded for their Bitcoins.
Regal can't do that, since in order to buy Regalcoin, you have to purchase it on Coin Exchange or YoBit. So if Regal went down, the team wouldn't benefit because they don't have an internal exchange where you can send your Bitcoin to the Regal team. If Regal cut and ran, all they would have would be Regalcoins (which would be worthless at that point).
Just remember this if Bitconnect goes down for good within the next month or two. I don't want Bitconnect to fail, I want it to succeed, but there's so much drama right now behind that coin. Regal has a different model and the things that are plaguing Bitconnect won't hurt Regal until Regal develops their internal exchange and swaps your bitcoin outright for Regalcoins.
Um, they also have the bitcoins from the ICO.
If you “lend them” your coins, NOW they have the bitcoins, AND THEY HAVE the coins they sold you. You have a receipt. And your dick in your hand when their website stops working!
All they have to do before the big finale is slowly sell off your lent coins into the market for more bitcoin, and switch off their website forever. The music is over, and everybody’s bitcoins and magic beans are gone. The rest of the magic beans go to 1 Satoshi. Could be today. Could be next year. Could be 20 minutes ago. Have you checked? They already have at the very least $10 million of bitcoin. Plus your magic beans.
They sold 5 million coins in the ICO out of the 27 million that can exist...so they have more than 5 free coins behind every coin they sold...
So they have:
1. The Bitcoins from the ICO
2. The coins they sold you but you lent back to them and...
3. They have 5 more Regal coins for every one they sold...so paying out 1% a day interest in Regal coins is no big deal for them because as the price rises (due to the pyramid marketing and targeting gullible low sophistication markets like Vietnam) they have to pay out less and less Regal coins to give a an illusion of 1% per day USD returns
You have: an IOU for the coins you lent them. That’s it. And your dick in your hand when the website stops working.
Meanwhile they can sell as many Regal coins into the demand they are creating for...more bitcoins. Even the ones you lent them! Because everyone is not going to ask for the coins back at the same time.
In effect, they did a premine. They share the premine with you. That is the bait to create more demand. You say loudly “hey, I am making 1% a day!” So the price rises. New dumb money comes in, they keep sharing the premine until the premine is gone...
They begin running on “Fractional Reserve”. Selling or giving away the coins you lent them. That’s another way they steal from you.
This model collapses from inflation the minute the amount of new money being brought in to support th price is less than the amount of backup coins they have on hand.
See, scammers want bitcoins, and to get them, they give you magic beans. You THINK you are getting richer, but really, every time you post your affiliate link, you BECOME one of the scammers.
This time they took the bitcoins, got you to give them the magic beans back, and they gave you an IOU for your beans!
You making money depends on finding another poor fool to bring more real money into the market and then that fool must convince a new fool to bring in more real money so he feels like he’s making a profit...
The sad thing about Ponzi/pyramid schemes, especially sophisticated hybrids like this one, is that not only are the scammers criminals and guilty of stealing from people. Every person in that pyramid who expects to get rich MUST rob the next person down the line. Or make happy positive postings convincing someone, somewhere to bring in more real money. You are a thief if you are taking this dirty money.
I have heard about this in Vietnam, because there are promoters here putting on seminars and stealing from these poor people whose GDP is $2000 per year. So sad. Vietnamese people are very susceptible to get rich quick schemes. They bought a lot of One Coin too.
Fact is, legitimate coins like Bitcoin, ETH, OMG, LTC do NOT have sales seminars. They do not have affiliate links. Thye don’t use MLM sales scams, They do not “promote” their coins in poor developing nations, and they do not engage in financial trickery: they solve technical problems and create actual useful things.
YOU, Mr, Fiatnam, are deluded. You hurt people. You don’t care if this is a scam as long as you make money? Your money comes from the fools clicking on your affiliate link. You are no better than the scammers who started this and Bitconnect and the rest of these “magic lending platforms”
Bitconnect and Regalcoin are the same people. If you didn’t know that before I just told you, you are not paying attention!
Because you do know that, Regal Coin money is just feeding into Bitconnect now because there’s not enough going into Bitconnect anymore and the other 6 dozen lending platforms are all...the same Bitconnect people. This is ALL run by the same people. It is the same scam over and over so the same guys can get you to cough up your money more than once because you “think” you are diversifying, but...you are playing right into their hands.
So Bitconnect REALLY is the “granddaddy of them all” as you say: these “lending platforms” are one big family writ by the same auteurs: one big con, so they can con the same people over and over!
They have linked together a pyramid of Ponzi to make the game last longer! They ain’t stupid!
Further, there is a lot of background noise saying this is actually an Eastern European Mafia running this. Just like One Coin, but with better devs. Math is the same as in 1901.
So, be clear: you gave money to the Mafia and are supporting everything they do. And you help the Mafia make more money every day with your affiliate link. You are a Mafia pawn.
If anything I have written her was news to you, you are not to be trusted with your own money. You are going to lose it, and you are helping to steal other people’s money before you go down.
Have you ever noticed that actual business people—people who understand finance and accounting because they studied it in university never buy into things like this? To someone who has ever read a financial engineering book, things like this are transparently clear.
The idiots that buy into things like Regal Coin and Bitpetite etc...are invariably baristas, hairdressers, English Teachers and Walmart cashiers because anyone with an economics background understands perfectly what the value proposition here is: there is no value being created. The price is just hype meeting gullibility and is temporary.
You are no better than a guy who hits people over the head in a dark ally and steals their wallets.
Pyramid schemes turn all the participants into thieves.
Good day to you sir.
